Have you considered how you can minimise your tax and boost your retirement savings with super?

Concessional contributions

In addition to your Superannuation Guarantee contributions paid by your employer, you may benefit from salary sacrificing additional pre-tax contributions, up to your relevant concessional contributions cap for the 2014/2015 financial year. These contributions will be taxed in your super fund at a rate of 15%, instead of being taxed as income at your marginal income tax rate. High income earners need to be aware of the additional tax on adjusted taxable income of over $300,000 (Division 293 tax), which could increase your tax on concessional contributions by an additional 15%.

Super co-contributions

For income earners with a total income for the year of less than $49,488, you may be eligible to receive a superannuation co-contribution from the Government, which is not subject to tax when paid to your super fund. If you are entitled to receive a co-contribution, you may contribute an additional after-tax amount to your eligible super fund, and the Government will automatically match your contribution (subject to eligibility criteria), up to an amount of $500.

For
small businesses, if a new asset acquisition of under $20,000 is on
your radar, now might be the time to act, to take advantage of the
increased immediate asset write-off provisions introduced in the 2015
Federal Budget.

Employers, you may also be preparing to ensure your business is
compliant with SuperStream contributions. The new provisions apply to small, medium and large employers - be sure you understand what you are required to do.

Our taxation experts are happy to talk to you any time, give us a call!

Our biggest congratulations to Andrew Fernance, Nunz Losanno and the
team on their move to their purpose-built, new offices in Fyshwick!
JDAA Accountants has officially re-branded to reflect the fresh, modern
direction of the business, now called Addvantage Accountants. Thank you
for your amazing support over the years, we look forward to continuing
on your journey with you!